Stock Market: The market is supported by buying in other sectors except metal and pharma, due to which the Sensex gained 329 points to reach 49,061.58 in early trade.
The domestic stock market started on Monday with mixed global cues. Both the leading index Sensex and Nifty 50 (Nifty50) seem to be trading in the green mark. Apart from metal and pharma, buying in other sectors has given support to the market, due to which the Sensex rose by 329 points to reach 49,061.58 in early trade. While the Nifty is trading at 14,771.95 with a strength of 94 points.
Explain that investors were cautious about the second wave of Corona last week, the lockdown imposed in many states to prevent it and the effect it will have on GDP growth and the income and profit of companies. Due to this, in the week ended May 14, the BSE Cessanx closed down 473.92 points, or 0.96 per cent, at the level of 48732.55. At the same time, the Nifty fell 145.35 points, or 0.98 per cent, to close at the level of 14677.8.
FPI withdraws Rs 6,427 crore from stock market
Foreign portfolio investors (FPIs) have withdrawn Rs 6,452 crore from the Indian market so far in May. The second wave of the COVID-19 Pandemic caused the investment sentiment to be withdrawn from the market as investor sentiment was affected. According to depository data, foreign investors pulled out Rs 6,427 crore from the stock markets and Rs 25 crore from the bond market between May 1 and 14.
Market cap of top 8 companies decreased by 1.13 lakh crores
Last week, due to weakness in the market, the total market cap of 8 of the top 10 valuable companies in the country decreased to Rs 1,13,074.57 crore. The biggest losses were to the country’s largest IT company Tata Consultancy Services (TCS), Infosys and HDFC Bank. Of the top 10 valuable companies, only two – Reliance Industries (RIL) and State Bank of India (SBI) – were profitable.
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